Key facts
- Naomi Feldman was approved for a second term on the Bank of Israel's monetary policy committee.
- Feldman previously served as a senior economist at the U.S. Federal Reserve Board.
- She will resume voting on interest rate decisions at the July 5 policy meeting.
- The committee has been operating with four voting members since November.
- Gil Bufman, chief economist at Bank Leumi, was also approved by the search committee.
Israel's cabinet has approved Naomi Feldman for a second four-year term on the Bank of Israel's monetary policy committee (MPC). Feldman, an associate economics professor at Hebrew University and former senior economist at the U.S. Federal Reserve Board, will resume voting on interest rate decisions at the committee's upcoming meeting on July 5.
Feldman's first term began in October 2021 and expired after the October 12 policy meeting, coinciding with the departure of Zvi Hercowitz. Their exits have left the MPC with only four voting members since November, below its full complement of six. The committee consists of three members chosen by the Bank of Israel governor, deputy governor, and research head, and three public representatives.
A source on the search committee indicated that Gil Bufman, chief economist at Bank Leumi, has also been approved for the MPC, though a cabinet vote on his nomination has not yet been scheduled. In May, policymakers reduced the benchmark interest rate by 25 basis points to 3.75%, with Governor Amir Yaron suggesting that rates could decrease more rapidly if inflation continues to ease.